Page 58 - UKRRptFeb21

8.4 ​International ratings
Ukraine - Rating agency
as of May 1, 2018
last change
Moodys (USD rating)
Caa1 (S)
21/12/18
Fitch (USD rating)
B- (S)
22/7/16
S&P
B- (S)
25/9/15
Ukraine’s credit ratings have been improving but the country is still rated junk by the three main agencies.
Moody’s rates Ukraine at Caa1​ with stable outlook on its foreign currency debt. The local debt is also rated at Caa1.
Moody’s last upgraded Ukraine from Caa2 (Positive) in August 2017 as the country emerged from an economic meltdown that year. The lowest rating the country had was Ca (Negative) in March 2015 in the wake of the Euromaidan protests that ousted president Viktor Yanukovych. The highest the country has scored was B1 (positive) in August 2008 as the entire region boomed before the global financial crisis struck that autumn.
Fitch rates Ukraine at B-​ on its foreign currency debt with no outlook indicated. The local debt is also rated at B- (none).
Fitch has become more cautious on Ukraine having removed its positive outlook call in December 2018. But the ratings have general recovered from Fitch “restricted default” rating in October 2015, following the Maidan events. The highest rating the country has had from Fitch was a BB- (positive) first awarded in May 2005 and again in October 2006, during a year-long investment frenzy when foreign banks bought up banks in the country believing the country was about to take off.
Standard & Poor’s (S&P) rates both Ukraine’s foreign and local debt at B-
with stable outlook.
S&P last upgraded Ukraine’s rating from Caa2 (positive) in August 2017. The rating nadir was Ca (negative) awarded in March 2015 following the Maidan events. Its zenith was B1 (positive) awarded in August 2008 at the apex of the region-wide boom.
8.5 ​Fixed income
The Finance Ministry sold last year the equivalent of $13.6bn worth of bonds in 2020, reports the Ministry. ​About one third of the bonds were in foreign currency -- $3.8bn and €800mn. State banks led the list of top purchasers: Privatbank, Ukrgasbank, Oschadbank, OTP Bank, Ukreximbank, Citibank and Raiffeisen Bank Aval. Top dealers in the secondary market were: Citibank, OTP Bank, Ukrgasbank, FUIB, Raiffeisen Bank Aval, Alfa-Bank, Kredobank and Oschadbank. At the end of December, Ukrainian banks held 52% of the bonds, the central bank held 32.5% and foreigners held 8.5%.
This year, Ukraine expects to issue $2.4bn worth of Eurobonds, ​to receive $2.2bn in IMF loans and to receive $1bn in net new foreign investment in the government bond market, Kyrylo Shevchenko, governor of the National Bank
58​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com